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What Is the Importance of Web3 and Decentralization for Industry Ecosystems?
"Web3" is a term that may carry differing interpretations, and for clarity, we will specify what it means. Web3 signifies the upcoming phase of the internet, characterized by the development of decentralized applications (dApps) on various blockchains. Their fundamental design sets Web3 applications apart from their traditional counterparts—operating independently without dependence on a central authority.
What is Web3? Everything You Need to Know
Web3, also known as Web3.0, was coined in 2014 by Gavin Wood, president and founder of Web3 Innovation, and he expected then that it was going to be the next evolution of the internet. At the time, Wood had just developed Ethereum, the crypto whose prominence and market size are behind only Bitcoin.
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